Polygon Price Prediction – Can MATIC Recover To $1?

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Polygon is a platform that has evolved into the first well-structured and user-friendly solution for infrastructure and scaling development on the Ethereum network.

With its focus on scalability, Polygon aims to address the limitations of the Ethereum network, such as high fees and slower transaction speeds, by providing a layer 2 scaling solution.

At the core of the Polygon is the MATIC token that facilitates activities on the network. MATIC token has shown positive movement over the past seven days, experiencing a 6% gain.

In the past 24 hours, the price has dropped by 1.11%. This decline could be attributed to the falling trading volume, which has decreased by 11.7% in the same period, amounting to more than $277 million.

While investors and traders have anticipated the MATIC token reaching the $1 price mark, this milestone may take longer to achieve than initially expected.

Nonetheless, the long-term prospects of the Polygon Network remain promising as it continues to attract developers and projects seeking scalable solutions within the Ethereum ecosystem.

MATIC Price Could Be Shaping Up For Bearish Turn

The MATIC token’s price outlook suggests a mixed possibility of further upward movement and potential for a price decline. While the token’s price experienced an uptrend three days back, several factors indicate a potential resistance and a possible fall from its current position.

First, the MATIC token has reached the resistance level at the 50-day moving average (MA), which it has respected for several days. This indicates the token’s price might struggle to break through this resistance level and potentially face selling pressure.

Additionally, the MATIC token’s price is still below the 200-day MA, suggesting that the overall trend is not bullish.

However, there are a couple of positive indicators to consider. The MACD (Moving Average Convergence Divergence) line is above the signal line, which indicates bullish momentum. This suggests that the price can continue its upward movement.

Furthermore, the Relative Strength Index (RSI) reading is 56.56, above the midpoint of 50. While it’s not in the overbought region yet, it could indicate progress toward that level.

There is a resistance level at $0.7375, which could reinforce the selling pressure. This level might act as a barrier for the token’s price to surpass, potentially leading to a price decline.

Updates That Could Drive the Price Of MATIC

Multiple factors and updates can push or drop the price of MATIC. A notable example is the recent proposal of the network to upgrade its token into a universal coin for all chains.

Polygon’s Plan to Upgrade the MATIC Token

Polygon, a prominent Ethereum layer 2 development firm, has proposed upgrading its native token MATIC to transform it into a multipurpose token that can validate multiple chains.

This proposal marks a significant step towards enhancing the interoperability and scalability of Polygon’s ecosystem. The proposal, subject to community approval, aims to transform MATIC into a token named POL, granting it utility and compatibility across all chains within the Polygon network.

This upgrade would enable POL to validate various blockchain protocols, including zkEVM, Polygon PoS, and Supernets.

With the potential approval of the proposal, POL would become a pivotal component of the Polygon ecosystem, facilitating seamless communication and coordination among different chains.

Wall Street Memes (WSM), An Alternative To MATIC

Wall Street Memes (WSM) is a recently launched digital currency combining finance and pop culture elements. The platform aims to revitalize the investment industry by merging meme-driven content with advanced financial tools.

It was established in 2021 by the Wall Street Bets Reddit Movement to tokenize the movement and make meme coins profitable for regular investors. Moreover, Wall Street Memes shares stock and crypto-related memes on social media platforms like TikTok, Instagram, and Twitter.

Regarding its presale, since the launch of the token on May 27th, 2023, the Wall Street Memes presales have already surpassed $14.44 million. The company believes that Wall Street Memes represent the ultimate expression of the internet’s triumph over widespread entrepreneurship.

Key Features of the Project

The features of Wall Street Memes include the Wall Street Memes token airdrop, the Wall Street Bulls NFT collection, and Wall Street Memes merchandise. The token airdrop allows participants to purchase WSM tokens, with five winners announced approximately six months later, each receiving a $10,000 prize.

Furthermore, the Wall Street Bulls NFT collection consists of 10,000 unique digital assets that offer an innovative perspective on Wall Street.

As for the Wall Street Memes merchandise, it serves two primary purposes, which are building a community around Wall Street Memes and increasing brand awareness.